A Call for Climate Tech Scale Up
The Intergovernmental Panel on Climate Change (IPCC) released the Climate Change 2023 AR6 Synthesis Report this week. The report makes is clear that warming will most likely exceed 1.5°C during the 21st century and it will be harder to limit warming to below 2°C. The data in the report upholds the need to make financial flows consistent with a 1.5°C world to aggressively expand adaptation finance for those already impacted by climate change and to support enhanced technology and international cooperation.
Finance, technology, and international cooperation are seen by IPCC as critical enablers for effective climate action. However, these three enablers need to be scaled up and each of them needs to be redirected towards climate action.
Scaling up existing technologies for climate action plays a vital role, as emphasised by the IPCC in its Climate Change 2023 AR6 Synthesis Report – Technologies are needed for cutting emissions rapidly as well as for scaling up practices and infrastructure to enhance climate resilience. While many of these technologies have been tried and tested, they need to be redesigned for diverse contexts. Only then can they be scaled up widely.
Scaling up of climate technologies in turn underscores the need for increased financing for climate action. The amount that climate change solutions needs is 3-6 times the current investment. There is adequate global financing to rapidly reduce emissions, if this capital is redirected to climate.
The interdependence of technology, funding, and collaboration is increasingly clear, for the world to uphold the Paris Agreement.